Mayur Resources: Secures investment for Orokolo Bay

Mayur Resources Secures investment for Orokolo Bay

• Mayur Resources (MRL) has secured an investment for its Orokolo Bay project through a binding term sheet with PNG-based HBS (PNG)
• HBS will complete a staged investment in Mayur’s PNG subsidiary for 20 per cent of the issued capital in Ortus Resources an entity who’s set to complete an IPO in early 2022
• The investment will support construction works, plant and equipment which is expected to begin in February, prior to the IPO
• MayurResources expects the Orokolo Bay project will begin production in the second half of 2022 with the first shipment of products expected in late 2022 or early 2023
• Company shares have dropped 2.38 per cent to trade at 20.5 cents